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STOUGHTON, MA—A 330,000-sf distribution center occupied by Reebok Inc. is being peddled on behalf of the footwear giant. The asset at 300 Technology Center Dr. is of “institutional quality,” according to materials created by Jones Lang LaSalle, whose New England Capital Markets Group has been retained as exclusive listing agent. The property is being offered without an asking price.

Efforts to contact JLL and Reebok before deadline were unsuccessful. Located on a 35-acre parcel, 300 Technology Center Dr. is 20 years old but has features often found in modern industrial product, including 34-foot clear heights and 42 loading docks. Reebok will occupy the entire building through September 2009. In the marketing materials, the property is described as being “at a truly ‘Main & Main’ location” offering quick access to five major highways, Interstates 93, 95 and 495 and Routes 3 and 24. High quality industrial space is rare in Massachusetts, notes JLL, which cites steady cash returns from the credit-worthy tenant as another reason 300 Technology Center Dr. should attract interest.

Investors will also likely be drawn by redevelopment potential for the 35-acre parcel, JLL adds, with retail use one potential option. The permitting and approval process for such a change has not been started, but the access to major roadways and demographics could make that a viable vision, the investment team indicates. The concept is already underway at another South Shore property previously focused on industrial tenants, the Westwood Station mixed-use project being advanced by New England Development and Cabot, Cabot & Forbes. Neighbors of 300 Technology Center Dr. already include retailers such as Bob’s Discount Furniture, Kohl’s Department Store and Showcase Cinema.

Such concepts aside, JLL also notes the industrial pedigree of the South Shore, with Stoughton offering the largest concentration of that product in New England. JLL counts 20.9 million sf of industrial supply in the South region and another 11.2 million sf in the I-495 South submarket, accounting for nearly one-half of the state’s industrial inventory of 62.7 million sf. The South market had a solid opening quarter, posting 244,000 sf of positive net absorption, while I-495 South fared even better with 389,000 sf of positive absorption. Vacancy rates remain somewhat high, however, with 18.2% in the South submarket and 15.8% for I-495 South.

JLL brokers marketing 300 Technology Center Dr. are Cappy Daume, Scott Jamieson, Gail McDonough, Michael Smith and Robert Borden. The New England Capital Markets Group is based in JLL’s Boston office and is involved in a variety of sales assignments at present, among them Burlington Woods Office Park and the Sun Microsystems campus, both in Burlington, and 125 and 150 CambridgePark Dr. in Cambridge.

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